💥 Huge FIRST step for stable crypto in the USA.
🖲️ The Genius ACT passes in the Senate
First step for the Genius ACT in the USA.
The GENIUS Act – the possible and likely new regulation that will govern the stablecoin sector in the USA – has made an important advance. It has passed in the first reading in the US Senate, 62-32, for what has been defined as a historic advancement of the first comprehensive regulatory framework on the subject.
The Republicans have managed to gather several votes from the Democrats to surpass the 60 threshold – a threshold that, once crossed, prevents filibustering – which is capable of halting any legislative process in the States.
The path of this law will still be long and complicated, and before celebrating victory – for those who see a positive legislative development of this kind – there will be other steps to wait for.
✅ What does the GENIUS Act provide?
The Genius ACT is a bipartisan bill – co-signed by members of both parties – that proposes a set of regulations for stablecoins, which are cryptocurrencies that have their value pegged to a traditional currency, in this case, the US dollar.
Among the rules included in this more complex legislative effort are those regarding reserves: it will be imposed on managers to hold them in cash or in cash-equivalent securities – such as short-term US bonds. A situation that should create few problems for the main managers – Tether and Circle of USDC.
